Reverse mortgages have acquired an unearned reputation in this country for being something to be avoided.
While it’s true that reverse mortgages in the United States hove a less than stellar track record, the Canadian version is much more regulated and much more consumer friendly, with lower fees and more flexibility.
Some of the features and benefits of a Canadian Reverse Mortgage:
-You will never owe more than the property is worth.
-In most cases, there is still equity left over when the mortgage is no longer needed.
-You own the home not the bank.
-As long as either you or your spouse remain in the home, nothing changes.
-A Canadian Reverse Mortgage can be a great way to preserve your investments and enhance your income, tax free.
Canadians are more and more interested in reverse mortgages - one of the reverse mortgage lenders gets 7000 direct inquiries a month.
It’s important to know there are three lenders offering Canadian Reverse Mortgages. Each one provides a slightly different option and one may suit you better than another.
Because of this, it’s very important to have a conversation with a qualified broker to see which one best suits you.
Want to know more? Please give me a call.
